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Rich Dad Tax Guide

All right, back again. Let’s see, what book are we going to pick today? Yeah, you guys don’t want to look at me, you want to look at the books, right? All right. Let’s go. Excuse me.

You guys see anything that’s just mind blowing? Mind blowing, trying to talk to you. Let’s see. Fully updated for 2019, we’re in 2021, but we got 91 different tax loopholes. I would imagine that even though they’re from 2019, I would not be surprised if some of these, right?

Sorry, I lost mine, I had a brain for it. Some of these are relevant in today’s world. Excuse me. So, nobody likes paying taxes. Everyone wants to figure out how to pay less taxes right? The wealthy in this country pay the least amount on the tax rate, but there’s a way that they do it all right? So, we can always complain and be like, “Wow! If I was rich, I would pay less in taxes.” Well, if you don’t know how to pay less in taxes, you’d probably still pay the same amount all right Because there’s a reason why he wrote this book.

All right, let’s go into the book. You don’t want to look at me no, I know. Give me a second, just give me a second. I’m trying to open the book for you, all right. So adoption tax, child tax, deduct your alimony payments, save 20 on your college tuition, get 20 back for spending money. I don’t have this no, this no, no, no, no, no. I’m talking about what will help for me. I would love to have that $12,000, but I don’t think Trump is going to give it to me now. But we will, don’t make this make with your [inaudible 00:02:18] friers that’s 250 of what you spend of your classroom. And it probably makes sure you have blah, blah, blah, blah.

Okay. Right here, the SUV American made cars. I have a, I got a Ford F-150, and I got a Chevy Tahoe. So, let’s see if this works for me.

Second home loophole that could put thousand dollars here we go. Number 62, you guys looking at it? All right. If you buy a car more than 6,000 pounds, you can deduct that for the whole year. That doesn’t do me any good. A hundred percent first year. I don’t, I’m not buying a brand new car.

Okay. I mean, here you go. So, it doesn’t really do me any good because I’m not buying a new car. However, the bonus is only available when you buy a SUV pickup, or van with a manufacturer’s gross weight of 6,000 pounds, and include a Chevy Tahoe. So, I would be able to get that explored, explored Toyota Sequoia. Well, that doesn’t make any sense. If he’s like over here, he’s like American made car, Toyota is a Japanese car. So, I don’t know what he’s talking about right there. Why would you say if you like American made cars and you’re talking about a Toyota, which is Japanese.

However, we’re going to not pay attention to that one. I apologize. And we’re going to look at this, the two car strategy, because that one was talking about… The two car strategy. Let me just try, all you have to do is drive both cars for business purposes, where you can claim deductions on both cars regardless of the deduction method use. As of the IRS mileage rates actual expenses. Unfortunately, two cars right won’t work for everyone to use it. You must put more miles on both cars than your spouse. The person who drives the other card does this is no hurdle. The cars must be at least somewhat close to an adjusted cost basis. Even among those you can use. The strategy will benefit some more than others consider the following.

All right. I hope I’m not upside down. If I’m upside down then, oh well listen to me upside down. So, what that was basically saying, I’ll explain more like on down below, what it’s saying is, if you have two cars in your house, let’s say your wife and you, or your significant other in today’s world, your partner. If you have two cars, all right? And you have your own little business, well don’t drive your car all the time. Use your wife’s car for your business as well. But you have to make sure that for business, you drive it more, than she drives for personal use. And then you can deduct both cars opposed to just one on your taxes. So, make sense. I’ll go more into it. Obviously when I write it down and go through it, the whole new car, the whole big car, American car.

I’ll go, I might go through that too. But it was one… I have no use for a new brand new car. That makes no sense, why would I spend that to save money on taxes? You just losing money. But I do already have cars. I don’t have a spouse, which obviously it won’t really work for me. But I do know a lot of people that have two people, like two people household, all right? So, for all the people out there that are more normal than I am, I guess you would say, then this is more for you this little down below read. Good. Boom! See you later.